a16z Crypto Warns of Potential FTX-Scale Collapse Without CLARITY Act

Miles Jennings, head of policy and regulation at a16z crypto, urged the U.S. Senate to pass the CLARITY Act (US digital-asset market-structure bill). Jennings argued that the current market lacks essential safeguards like asset segregation and disclosure requirements found in traditional finance. He warned that with stablecoin supply exceeding $300 billion and tokenized assets surpassing $30 billion, failure to implement these regulations could lead to a market collapse more severe than the FTX incident.